QUESTIONS

Broker questions, answered

Short answers, no email required.

The questions brokers ask us on discovery calls and in the team chat, answered in a few paragraphs each, with a link to the full guide when you want the detail.

Starting your career

Do I need a brokerage before I can get licensed in BC?Yes. The licence is issued to you as a broker of a specific licensed brokerage, so most people secure a brokerage while they finish the course.
Do mortgage brokers earn more than mortgage agents?Not automatically. Income depends on funded volume and split, not the title. A broker licence opens private lending and supervision, which can add income.
How do mortgage agents get paid?Most mortgage agents are paid commission: the lender pays a finder's fee when the mortgage funds, and the agent keeps an agreed share after the brokerage's split and fees.
How long does it take to become a mortgage broker?A few weeks to three months in Ontario, several months in BC because of the course assignments, and three to nine months in Alberta across two courses and two exams.
How much does a mortgage broker make per deal?Usually around 0.9 to 1 percent of the mortgage in a lender finder's fee, shared with the brokerage. On a $500,000 mortgage that is $4,500 to $5,000, so about $3,600 to $4,500 to the broker at an 80 to 90 percent split, before fees.
How much does it cost to become a mortgage agent in Ontario?The FSRA licence application fee is $941, prorated by month, plus $19.15 for the criminal record check and the course fee set by your provider.
REMIC or Mortgage Professionals Canada: which mortgage agent course should I take?Both are FSRA approved and lead to the same Ontario Level 1 licence. REMIC is slightly cheaper online at $358; Mortgage Professionals Canada starts at $399 and offers a five day in class option.
What does a mortgage agent do?A mortgage agent finds clients, works out what they qualify for, chooses the right lender among many, packages and submits the file, then manages conditions until the mortgage funds.
What is the difference between a mortgage associate and a mortgage broker in Alberta?A mortgage associate is the entry licence and works under a brokerage. A mortgage broker has at least two years of licensed experience in the last five, has passed the Mortgage Brokers Program and can run a brokerage.
How do new mortgage brokers get clients?From the people who already know them, then from referral partners who meet buyers first, then from a Google profile with reviews. Not from bought leads, and not from the brokerage.
How do I get my first mortgage deal?Tell everyone you know, have twenty real conversations a week, ask one professional to send you one client, and run the first file with an underwriter beside you so it funds.
How long does it take to build a mortgage book?Commonly two to four months to the first funded file, a first year that rarely matches a salary, and three to five years before renewals and referrals carry most of the volume.
Do I need a database to become a mortgage broker?You do not need a client list, but you do need people. A profession, a community or a network to start from shortens the first year more than anything else.
How do mortgage brokers find Realtor partners?By being useful before asking: fast pre approvals, honest answers on hard files, market updates that help the Realtor's clients, and reliability on every closing.
What should a new mortgage broker do in their first 90 days?Set up, announce, have twenty conversations a week, land one referral partner, run the first file with an underwriter beside you, and put every contact into a CRM you own.

Choosing a brokerage

Switching brokerages

Growing your book

How can a mortgage broker increase their income?Fund more from the clients you already have, keep the files you currently refer away, and take processing and compliance off your desk so the hours go to conversations.

Broker questions, answered

Starting your career

Choosing a brokerage

Switching brokerages

Growing your book

Technology

Compliance

Lending

Commercial

Coming from a bank